“This business is an excellent strategic fit and will further strengthen our leading market positions in powder coatings in southeast Asia. With V.Powdertech’s strong brand, we will be able to offer a broader range of products and services to more customers and target new growth segments,” said AkzoNobel’s chief operating officer of paints and coatings, Ruud Joosten, in a company press release announcing the move.

AkzoNobel will assume ownership of V.Powdertech’s technologies, intellectual property, and trademarks, in addition to its manufacturing site in Samutsakhon, Thailand. Some V.Powdertech employees will be transferred to AkzoNobel, the release said.

The Dutch firm said the acquisition will strengthen its position in powder coatings in the region, particularly due to V.Powdertech’s manufacturing assets.

Terms of the transaction were not revealed in the release. The companies expect the sale to close “within the coming weeks.”